Announced on 18 May, ICAP, the world’s largest interdealer broker by revenues, has agreed to buy the PLUS-quoted smaller company stock exchange for £1. This will perhaps provide some comfort to the 150 companies quoted on PLUS, following the recent PLUS announcement that it was going to close the market.
ICAP's primary interest in the market is its Recognised Investment Exchange (RIE) status. However, it has stated that it remains '..fully committed to continue supporting and expanding the equities listings venue which provides growth capital for smaller companies…'
In light of the potential closure of PLUS, we have written a letter to the Chancellor George Osborne MP and Business Secretary Vince Cable MP calling for an urgent review of UK primary equity markets.